Measure would change way property is valued
Stowell's legislation would base calculations on a five-year rolling average of property values, which would flatten out any potential spikes in value.
A sharp increase in values for a single year would only cause a slight increase in the five-year average, said Utah County Assessor Kris Poulson.
But because the Utah Constitution states that properties are assessed in proportion to their fair market value, Stowell's legislation, if passed, would require a change in that wording.
Two-thirds of legislators in the state's House of Representatives and Senate would have to approve the amendment and then submit it to a vote of Utah residents. "I believe people are so upset over fluctuating vales, we could pass a constitutional amendment," Stowell said.
Recent comments
As I recall the "freeze at purchase price" has been tried in another...
L | Oct. 18, 2007 at 8:52 p.m.
Freeze values at the price paid when the property was purchase....
Better yet | Oct. 18, 2007 at 1:04 p.m.
Rolling averages over 5 yrs. only statistically hides unfair and...
D. | Oct. 18, 2007 at 9:29 a.m.
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